Apple Earnings Top Q3 for New Media

Apple Inc. continued to dominate the new media market in its final fiscal quarter 2011 on sales of the new iPhone 4S, despite bad news and setback.

In a report from SNL Financial, the numbers were good, but not great, though still strong enough to place them first among other “new media” competition including tech heavies Google, Microsoft and Amazon.

The buildup to the release of the iPhone 4S — though some expected a full upgrade to version 5 — was reportedly enough to quell the negativity surrounding former COO Tim Cook’s ascension to the throne and the stepping down of Steve Jobs amid health problems.

The company’s Q3 earnings totaled $28.27 billion. And while that impressive figure amounts to a 39% revenue growth year over year, it’s down from the $28.57 billion recorded for the previous quarter.

The response from Cook came across as damage control, says SNL, as he blamed the dip in profits to be a result of consumers waiting for the next version of the iPhone, creating a “natural depression in sales.”